How to File a Small Business Tax Return in Canada
The Canada Revenue Agency oversees tax information for individuals and businesses within Canada. Small business owners who need to file a tax return can utilize the resources of that agency for completing their tax return, as well as filing it. For small business owners who have maintained careful records and who are familiar with all of their available deductions, filing a tax return is as simple as filling out the necessary forms, submitting them to the Canada Revenue Agency and waiting for the refund.
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Things You'll Need
- Small business tax information
- Business Number (BN)
- Small business tax forms
Instructions
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Select the appropriate tax filing form for your business. Business categories in Canada are similar to business categories in other countries. Your business might be a corporation or a limited liability company, a sole proprietorship or a partnership. To complete your small business tax filing correctly, you will first need to use the form that pertains to your business.
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Download and complete the form. Fill in all required information about the company name, type, and location. Report your income carefully, using the line-by-line options to list out small business income. Be familiar with income that is not taxed, in order to avoid listing it. Be sure your business already has a Business Number (BN) for Canada. If it does not, you may apply for a Business Number with these forms.
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Go to the website for the Canada Revenue Agency. As of January of 2010, this website has allowed small business owners to complete their tax return filings over the internet. Under the option E-services for businesses, you will be able to upload and file your small business tax return. Scroll down, and go to the link for Filing Information for Returns Electronically.
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Select Ready to File. Follow the instructions to upload your tax return. If you are expecting a refund, you can also request direct deposit of that refund instead of waiting for a mailed payment.
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Tips & Warnings
Most small businesses can utilize one of the T forms that the Canada Revenue Agency provides. The one exception is for business owners who operate day care centers out of their homes. They are required to use a separate form.
Review all forms carefully before filing. The Canada Revenue Agency does provide small business owners with the option to make changes after the filing, but it is recommended that they complete the form as accurately as possible the first time to avoid slowing down the submission and refund.
